A CITY of Greater Bendigo- commissioned study has shown the value of the region's construction industry.
The Residential Building Construction Economic Analysis found the region's construction industry contributed an estimated $922 million to the council's total economic output.
Of this, $261 million is from the residential building construction sector.
The analysis also found 6.7 per cent, or 2510 jobs, came from construction and residential building employed 659 people.
The study, undertaken by Bendigo-based company REMPLAN, estimates the economic contributions of residential building construction in terms of output, employment, wages and salaries, and value-added.
The council's strategy manager Trevor Budge said the analysis showed that a strong and adaptable residential construction sector would be vital to Bendigo’s economy in the future.
“From 2001 to 2013, the number of residential building approvals increased 16 per cent, the majority of which were new houses,” Mr Budge said.
“The result of this rapid growth also has flow-on affects to the wider economy.
"Residential building construction in Greater Bendigo makes a greater relative contribution to the region’s annual output compared with that of other regional cities Ballarat and Greater Geelong.
“To encourage and accommodate development, it is important local industry meets this demand with high quality, affordable and diverse housing options.”
Urban Development Institute of Australia board member Damien Tangey said the residential development sector would need to shift its mindset to provide for the region’s expected growth.
“Greater Bendigo will experience significant demographic change in the next decade," he said.
"Households are forecast to become smaller and we’re going to live longer.
"So (those) associated with the urban development sector will need to identify how ... to vary their housing products to meet these more diverse community needs."